What would you do with half a million dollars?
I'm thinking about selling my home. NYC lists it at 680k. But Zillow lists it at around 800k to 900k. I owe 290ish on the mortgage. Should I sell it as and invest it in something else?
- Coffee DrinkerLv 74 weeks ago
Well the first thing I'd do is figure out where you're going to live. If you want to continue living in NYC (or your job requires you to stay close) then you'd end up either buying another expensive home or pissing the money away on astronomical rent prices. If that's the case then I wouldn't sell.
If you're going to relocate out of NYC then I'd start by finding a place to live.
After that, pay off any other debts you have, and make sure you have a fully funded emergency fund.
After that, you can think about investments. I personally think now is a great time to buy an investment property to rent out to tenants or potentially vacation property that can be rented through airbnb or something.
Also don't forget taxes - if you have lived in the home for at least 2 years you can exclude $250k worth of capital gains, but it sounds like you may still have a hefty chunk of capital gains tax to pay. Hire a tax accountant before you do anything major.
- No MercyLv 74 weeks ago
i do not think in new york u will be able to do a lot with that amount of money and where will u live if u sell your home? u may of course move to thailand or Philippines, there your half a mil will last long and u will be able to buy a real house
- G RLv 74 weeks ago
I would invest it for retirement as it will cost people, due to living longer, more then a million to even live.
- babyboomer1001Lv 74 weeks ago
Zillow does not know the value of your home or any home. You cannot go by any online realty. All they do it use "original" records and estimate increases to the current times, and they are often way off. I can't tell you what to do but if you want to know the real value, the ONLY way to find out would be to hire a certified real estate appraiser.
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- Anonymous4 weeks ago
Where are you going to live is the question.
I have money in stocks and more in CDs. I own my house. Worth a lot less than yours.